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http://stockguru.com/2011/07/22/breaking-news-north-bay-resources-inc-otcbb-nbri-uscis-approves-ruby-gold-project-7-5m-eb-5-funding-facility/
Breaking News: North Bay Resources Inc. (OTCBB: NBRI) USCIS Approves Ruby Gold Project $7.5M EB-5 Funding Facility
Authored by editor July 22, 2011 at 7:29 am CT
North Bay Resources Inc. (NBRI): USCIS Approves Ruby Gold Project $7.5M EB-5 Funding Facility
SKIPPACK, PA, Jul 22, 2011 (MARKETWIRE via COMTEX) — North Bay Resources Inc. (OTCBB: NBRI) (“North Bay” or the “Company”) is pleased to announce that Northern California Regional Center, LLC (“NCRC”), has received an approval letter from the United States Citizenship and Immigration Services (“USCIS”) for the expansion of its geographical area and the pre-approval of North Bay’s Ruby Gold Project in Sierra County, California as a qualified EB-5 project, thereby giving the green light for $7.5 million in funding for the Ruby Gold Project via the federal EB-5 Program (the “EB-5 Program”).
The EB-5 Program was authorized by the US Congress under the Immigration and Nationality Act of 1990, as amended, with the intent to help stimulate the US economy by creating new jobs for U.S. persons. The term “EB-5? is an acronym for “the fifth employment based visa preference category.” As it implies, the source of the investment capital comes from foreign investors who wish to legally immigrate to the US by investing $500,000 through an authorized EB-5 Regional Center in a commercial enterprise located within a Targeted Employment Area that will benefit the US economy and create at least 10 full-time direct and/or indirect jobs for US persons. The program is administered by USCIS, as provided under Section 610 of Public Law 102-395. Since its inception in 1990, the EB-5 Program has been the conduit through which over $1 billion has been invested by foreign nationals in US enterprises to create jobs throughout the US economy.
As previously announced on November 2, 2010, NCRC, a designated EB-5 Regional Center, agreed to expand its scope to include mining projects in Northern California and agreed to sponsor North Bay’s application to secure $7.5 million for the Ruby Gold project in Sierra County, California, through the EB-5 Pilot Program. The amendment to NCRC’s designation was formally filed with USCIS on February 2, 2011, and officially approved by USCIS on July 19, 2011.
NCRC was originally approved on April 22, 2010 by the USCIS as a designated EB-5 Regional Center, and was approved to sponsor qualifying investments in such capacity within the counties of Colusa; Butte; Glenn; Sacramento; San Joaquin; Shasta; Sutter; Tehama; Yuba; and Yolo in the State of California (the “Regional Center’s Geographic Area”). Pursuant to its regional center designation, NCRC could only sponsor qualifying investments in certain industry economic sectors that did not previously include mining. As a result of the approval by USCIS, NCRC’s Regional Center Geographic Area has been expanded to include Sierra County, where the Ruby Mine is located, as well as Nevada County, Placer County, and El Dorado County, and for approval to include mining within its designated industry sectors. The approval also specifically allows NCRC to now sponsor qualified investments in North Bay’s Ruby Gold Project under the EB-5 Program.
As part of the application process and to comply with EB-5 regulations, NCRC formally organized a California Limited Partnership in January 2011 under the name Ruby Gold Foreign Investors, LP (the “LP”) to act as the legal vehicle through which foreign investors can make qualified investments in the Ruby Gold project pursuant to the EB-5 Pilot Program. Also in January 2011, North Bay, together with ACG Consulting, LLC (“ACG”), formally organized Ruby Gold, LLC as the special purpose entity that will own and operate the Ruby Gold Project under federal EB-5 Program guidelines. The formation of these entities was previously announced in Company press releases dated February 2, 2011 and January 11, 2011.
With this approval by USCIS, NCRC and the LP may now serve as the legal vehicle through which investment capital may be received from foreign nationals under the EB-5 Program, in reliance upon Regulation S, to provide EB-5 financing for the Ruby Gold Project. In the coming weeks, NCRC, together with ACG, will be utilizing their broker networks outside the U.S. to present the Ruby Project to those investors who have been waiting for a qualified EB-5 project to invest in. The foreign investors, as limited partners, will each subscribe to a Regulation S offering and purchase a unit in the LP at the purchase price of $500,000. Each investor will complete and deliver to the LP a subscription agreement, and will pay $500,000 into an escrow account, which will be held in escrow until the investor’s I-526 petition filed with USCIS either has been approved or denied by USCIS. If the investor’s I-526 petition is denied by USCIS the Escrow Agent will return the investor’s funds to the investor. If the I-526 petition is approved the Escrow Agent will release the funds from escrow and pay the investment to the LP. As each new investor’s I-526 petition is approved by USCIS and funds are released from escrow, the LP will then loan the funds to Ruby Gold, LLC and thus provide the operating capital for the Ruby Gold Project.
Complete details of the EB-5 investment process and procedures are disclosed in the Company’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (“SEC”) on March 16, 2011.
As stipulated in the approval letter, USCIS has determined that the Ruby Gold Project is eligible to accommodate fifteen (15) qualified EB-5 investors, which in aggregate will raise $7.5 million for the Ruby Gold Project at $500,000 per investor. The Company notes that no stock will be issued in conjunction with the EB-5 funding, such that the entire funding facility is non-dilutive to North Bay shareholders.
North Bay CEO Perry Leopold commented, “We are extremely gratified to learn from NCRC that USCIS has approved the Ruby as a qualified EB-5 project and will allow us to move forward with funding the project through the EB-5 program. It is almost a full year since we first announced our plans to utilize the EB-5 program for projects in the U.S., and while it has taken longer than we originally expected, this is indeed a great day for North Bay. With this now behind us, we can now get on with the main task at hand, and that is to put the Ruby Mine back into operation, creating jobs, and increasing shareholder value through gold production. After all, and as our motto states, our future is indeed golden.”
About The Ruby Gold Project
The Ruby Mine, a/k/a the Ruby Gold Project, is a fully-permitted underground placer and lode mine located near Downieville in Sierra County, California that is known to have produced over 250,000 ounces of gold since the 1850s, and which is considered to be part of the northern extension of the historic Mother Lode system. The Ruby Property covers approximately 1,755 acres, consisting of the subsurface mineral rights of two patented claims totaling approximately 435 acres and 30 unpatented claims containing approximately 1,320 acres. The equipment, fixed assets, and infrastructure in place have been valued at an estimated $3.5 million, and include a 1,000 yard per day placer wash plant, 50-ton per day quartz mill, 6,000 feet of tracked haulage, and related support equipment needed for underground mining operations. The property also features an excellent system of roads, is accessible via paved highway from Reno or Sacramento, has abundant water and timber available for mining purposes, and has PG&E power available on-site. For further information about the Ruby Mine, please visit the Ruby page on the North Bay website at http://www.northbayresources.com/ruby/.
About The EB-5 Program
The EB-5 Program was authorized by the US Congress under the Immigration and Nationality Act of 1990, as amended, with the intent to help stimulate the US economy by creating new jobs for U.S. persons. The term “EB-5? is an acronym for “the fifth employment based visa preference category.” As it implies, the source of the investment capital comes from foreign investors who wish to legally immigrate to the US by investing $500,000 through a regional center in a commercial enterprise located within a Targeted Employment Area that will benefit the US economy and create at least 10 full-time direct and/or indirect jobs for US persons. The program is administered by USCIS, as provided under Section 610 of Public Law 102-395. Since its inception in 1990, the EB-5 Program has been the conduit through which over $1 billion has been invested by foreign nationals in US enterprises to create jobs throughout the US economy.
About Northern California Regional Center, LLC
Northern California Regional Center, LLC is a USCIS-designated regional center under the EB-5 Pilot Program. The EB-5 Program was created by the United States Congress in 1990 through passage of the Immigration and Nationality Act. In 1993, Congress created the Pilot Program to stimulate immigration under the EB-5 category. The Pilot Program allows individuals from around the world to attain United States citizenship through investment in US businesses and creation of US jobs. Both programs are administered by the United States Citizenship and Immigration Services (“USCIS”), an agency of the Department of Homeland Security. Northern California Regional Center was designated as an approved regional center by the USCIS on April 22, 2010.
About ACG Consulting, LLC
ACG Consulting, LLC is an affiliate of Acer Capital Group, a global holding company of Private Equity foreign and domestic funds in the business of deploying capital. ACG specializes in facilitating employment-based funding through the EB-5 Pilot Program, and has successfully established EB-5 Regional Centers throughout the US, and across a diverse range of industry sectors. For further information, please visit the ACG website at http://www.acgcompanies.com
About North Bay Resources Inc.
North Bay Resources Inc. (OTCBB: NBRI) is a fully-reporting junior mining company with over 150 mineral and placer claims encompassing approximately 60,000 acres throughout British Columbia, Canada.
In the US, the Company owns the Ruby Gold Mine in Sierra County, California, and is presently looking to acquire additional operating mines in the western US.
The Company’s mission is to build a portfolio of viable mining prospects throughout the world and developing them through subsidiaries and JV partners to their full economic potential. North Bay’s business plan is based on the Generative Business Model, which is designed to leverage its properties into near-term revenue streams even during the earliest stages of exploration and development. This provides shareholders with multiple opportunities to profit from discoveries while preserving capital and minimizing the risk involved in exploration and development.
SAFE HARBOR FOR FORWARD LOOKING STATEMENTS: This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Although North Bay Resources Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any assumption could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion should not be regarded as a representation by North Bay Resources Inc. or any other person that the objective and plans of North Bay Resources Inc. will be achieved.
Cautionary Note to U.S. Investors – The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on our website (or press releases), such as “measured,” “indicated,” and “inferred” “resources,” which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form S-1 and subsequent Form 10-K which may be secured from us, or from our website at http://www.sec.gov/edgar.shtml
Contact:
Perry Leopold
CEO
North Bay Resources Inc.
215-661-1100
http://www.northbayresources.com
NBRI Disclosure: Pentony Enterprises LLC entered into an investor relations consulting and market awareness contract with NBRI. We hold not shares and will not be receiving any shares. To avoid all potential conflicts of interest, we never sell shares into the open market during an active market awareness or investor relations program. This means that as we release new information about a particular client company either on our site or otherwise authored by us, you can be confident we are not selling shares at the same time. Pentony Enterprises is not a registered investment adviser or a broker/dealer. Pentony Enterprises LLC makes no recommendation that the purchase of securities of companies profiled in this web site is suitable or advisable for any person, or that an investment in such securities will be profitable. The Company will compensate us a total of eight thousand dollars for coverage. In general, given the nature of the companies profiled and the lack of an active trading market for their securities, investing in such securities is highly speculative and carries a high degree of risk. Pentony Enterprises LLC – 1601 Berwick Drive – McKinney, Texas 75070 – (469) 252-3031.
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